Northern Credit Union is today launching an online account opening tool to offer small businesses accounts with affordable, unsecured lines of credit up to $250,000 .
It is Canada's first financial institution to offer business accounts with a line of credit online and the service is available to Ontario -based companies.
Northern did not set out to make history, but to provide an easy way to give small business owners quick access to capital when they need it. Tony Dunham , Northern's senior vice president explains, "We know the huge role small business plays in the Northern economy, that's why we've invested in thousands of businesses from Thunder Bay to the Ottawa Valley. These businesses have gone on to create more jobs and growth for our Northern communities – proof that good things happen when you keep your dollars close to home."
Northern has 3,000 business members located in Ontario northern communities from Thunder Bay to the Ottawa Valley and serves them through 31 branches. The new online business banking platform allows members to open accounts and secure lines of credit in a matter of minutes.
Dunham says that this advanced digital service will not sacrifice Northern's personal approach to banking. "It's another great tool. And a unique one. We are the first to offer our members the ability to apply for a business line of credit of up to $250 ,000…all online."
Northern has a range of products and services for small business including operating lines of credit which offer:
- Credit limits up to $250,000
- No annual reviews
- 100% unsecured with a personal guarantee
- Affordable rates
- Global payment card for funds access
Northern Credit Union is regulated by the Financial Services Commission of Ontario (FSCO) and is covered by the Deposit Insurance Corporation Of Ontario (DICO).